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PNB Family Club Excelsior Correspondent JAMMU, Oct 23: ‘Parivar Milan’ (assembly of family members) was organised by Punjab National Bank Family.......more Sahara,
Jet upbeat over NEW DELHI, Oct 23: Private domestic airline Air Sahara has said it will soon .....more Interest
rates for PATNA, Oct 23: Union Minister of Small Scale Industries (SSI) C P Thakur today said interest rates for establishing Small.....more Tata group
eyeing China’s BEIJING, Oct 23: The Tata group, one of India’s top industrial houses, is actively .....more |
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Metro-Continental jointly launches motorcycle tyres Excelsior Correspondent NEW DELHI, Oct 23: Metro Tyres Limited-the flagship company of Rs 300 crores metro group and Indian partner of .......more Stocks
down by MUMBAI, Oct 23: The market is trading in a red zone at Bombay Stock Exchange ......more Gold
silver in limelight MUMBAI, Oct 23: Prices of gold and silver today opened higher on lack of offloading by stockists....more Asian
paints gets Govt NEW DELHI, Oct 23: The Government has decided to sell its 9.2 per cent shares in British major ICI P L C’s Indian arm...more |
PNB Family Club organises ‘Parivar Milan’ Excelsior Correspondent JAMMU, Oct 23: ‘Parivar Milan’ (assembly of family members) was organised by Punjab National Bank Family Club in the lush green gardens of Bagh-e-Bahu, here. The occasion was attended by all the members of PNB Club alongwith their family members, including children who were the centre of attraction sporting their colourful dresses. Secretary of the club, Mr Ramesh Salhotra, presented the account of the activities of the club and put forth a few suggestions in order to make the club a forum to bring cohesiveness among PNB staff and their families. The suggestions were accepted by the members in toto. It was also decided to organise a picnic to some place outside Jammu in near future. The children participated in a quiz competition. Mr Sanjay Sharma, president of the club, extended Deepawali greetings to all the members and their families. Gifts were also distributed amongst the members on this occasion. The members also welcomed Mr B B Talwar as new member of the club. |
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Sahara, Jet upbeat over flying beyond Indian shores NEW DELHI, Oct 23: Private domestic airline Air Sahara has said it will soon announce a plan schedule for flying to destinations in Sri Lanka. But Jet Airways, the largest carrier with nearly half of market share in the domestic market, kept its move under wraps and declined to divulge any details. Aviation experts said both the airlines are working furiously on the groundwork to start their maiden international flights. They said it is just the beginning as Indian private domestic carriers will soon be allowed to freely operate on all international routes. The move is designed to increase tourist inflow and air connectivity. Air Sahara CEO Uttam Kumaar bose told UNI after a three-hour strategy session with top airline officials that his company is awaiting official procedures to be over before venturing beyond Indian shores. "We will now fine-tune the modalities and look at whether new aircraft need to be ordered for this service," he added. India and Sri Lanka have agreed to eliminate the existing requirement of commercial arrangements between their respective designated carriers. An agreement between Prime Minister Atal Bihari Vajpayee and his Sri Lankan counterpart Ranil Wickremesinghe calls for eliminating the existing requirement of commercial arrangements between designated carriers of both countries. There will be no control on the carriers and they are free to mount as many flights as they want to Sri Lanka. There will also be no controls and financial arrangements with the state-owned airlines. It is going to be a free sky for them. Sri Lanka’s designated airlines will be allowed daily air services between Colombo and six Indian metropolitan cities besides unlimited access to 18 tourist destinations in India. At present, Indian Airlines operates daily flights from Chennai to Colombo. It operates four flights per week from Delhi, five from Mumbai and two from Tiruchirapalli. Sri Lankan Airlines operates 44 flights per week to Indian destinations like Delhi, Mumbai, Thiruvananthapuram, Tiruchirapalli, Chennai, Bangalore and Gaya. Private airlines have been clamouring for permission to fly overseas after Mr Vajpayee offered to open up Indian skies for carriers in the ASEAN region to expedite greater economic integration of the Indian economy with one of the fastest growing regions of the world. Airline officials say these landmark agreements, which have been on the cards for a long time, are expected to further hit the bleeding bottomlines and earnings of the two state-owned carriers — Indian airlines and Air India . They are already facing problems with the Government deciding to liberalise the bilateral regime. Experts say the country is losing huge revenues due to large-scale selling of India’s flying rights to foreign airlines by Air India. Air India earns Rs 300 crore by selling its rights to fly certain routes granted under international agreements. The Foreign Airlines, which pay Air India Rs 300 crore to buy these routes, earn about Rs 3,500 crore which actually should be earned by Air India. But Air India cannot earn this money because it has less than 33 planes and cannot operate all these routes. It is thus important for India to allow private domestic airlines to operate the routes that legitimately belong to India and are highly profitable. All the domestic airlines are incurring huge losses while the profitable international routes are being sold for a measly sum to foreign airlines, aviation experts said. They also feared that Emirates airline of the United Arab Emirates (UAE), which has 36 per cent equity in Srilankan Airlines, is also pumping in a large amount of money to develop a new two lakh Sq Ft airport terminal at Colombo. If the Lankan capital emerges as an aviation hub, Emirates will be in a position to move all traffic from southeast Asia and Australia to Colombo for onward journeys to Europe and the United States. That again could cause dent to Indian carriers, experts said. (UNI) |
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Interest rates for SSI should be slashed: C P Thakur PATNA, Oct 23: Union Minister of Small Scale Industries (SSI) C P Thakur today said interest rates for establishing Small Scale Industries should be slashed considerably to promote industrialisation. Dr Thakur said here that he had already requested the Finance Minister to reduce the interest rates and bring it at par with housing loans. He said it was an age of easy and cheap loans and asked the bank managements to complete the formailities for loan distribution within fixed time frame. Dr Thakur highlighted the importance of loans for industrial development and said that in each and every developed country the Finance for Industrialisation had been arranged through loans. He expressed concern over the dismal industrial growth rate in Bihar and said the growth rate was zero and was further sliding down. The poor law and order situation had compounded the problem as majority of the businessmen have migrated and the rest were going away on fear of being kidnapped. He appealed to the unemployed youth to start their own ventures with bank help for self-employment. (UNI) |
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Tata group eyeing China’s hospitality, auto, tea sectors BEIJING, Oct 23: The Tata group, one of India’s top industrial houses, is actively pursuing opportunities in China to enter a host of sectors, including the hospitality, automobile and instant tea businesses, company officials said. "We have been in the China market for quite some time and our operations here are expanding rapidly. Now we are looking at investment opportunities in China," senior manager-business development of Tata South-East Asia limited, raymond Chua said. Tata South-East Asia limited, a fully owned subsidiary of Tata international, is based in Shanghai, China’s largest city as well as the booming communist nation’s business hub. Chua said that the Tata group was looking at investment opportunities in China in the hospitality industry in Shanghai as well as here in the Chinese capital, Beijing. "We are looking at various options, including takeover of an existing five-star hotel," he said. The company was eyeing three prestigious hotel projects that are coming up in the famous bund area in Shanghai by 2007, he said. Appearing confident of China’s hospitality industry, especially that in Shanghai, which is fast rising as an international metropolis, Chua said the existing five-star hotels in the city had a very high occupancy rate and there was enough room for more luxury hotels. With China’s automobile industry growing rapidly, Telco is also eyeing China market for possible entry, Chua said, without disclosing details of the plan. "You may see some developments in the commercial vehicle sector in the coming months," he said. Another area where the Tata group is actively pursuing in China is the instant tea business which is almost monopolised by Lipton. "We are planning to launch Tetley instant tea bags in China," Chua said, adding that the cosmopolitan market of Shanghai could be an ideal launch pad. In this connection, Tata South-East Asia Limited has entered into a Memorandum of Understanding with a Singapore-based company and Tetley brand of instant tea would be launched in China soon, he said. The Tata group is also talking to China’s second largest telecom operator, China Unicom to be the company’s partner in India. Tata international focuses on the export of Tata group products, such as automobiles, steel and tea. The company is also the largest exporter of leather and leather products from India, a spokeswoman of Tata international limited said. Through its locations in India and abroad, the company sources a wide range of engineering products such as mining, machinery, consumables, automotive components, ferro alloys and minerals, bicycles and bicycle parts, electrical and electronic products, agro commodities and textile garments, for exports, she said. (PTI) |
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Metro-Continental jointly launches motorcycle tyres Excelsior Correspondent NEW DELHI, Oct 23: Metro Tyres Limited-the flagship company of Rs 300 crores metro group and Indian partner of Continental AG of Germany today launched Motorcycle and Scooter tyres under the joint brand name of Metro-Continental in the Indian market. Launched after months of rigorous drive and lab tests conducted jointly by Metro and Continental AG of Germany simultaneously in India and Germany. Metro-Continental is the first two wheeler tyre being manufactured with latest foreign technology in India. These tyres meet all the international parameters of safety and durability followed by Continental across the world. As per the long term agreement between both the countries, Metro tyres will manufacture and market Metro-Continental two wheeler tyres in India, which Continental will provide all the technology support of Indian partner. This agreement is in addition to another long term off-take agreement between Continental and Metro whereby German tyre giant has agreed to source Motorcycle tyres from Metro to be sold in the international market under the brand name of Continental. On this occasion, Jorg Essiger, Managing Director, Continental AG said, "it is a great day for us today we are entering the high potential Indian two wheeler tyre market. It is a dream project for Continental and we are proud of our association with Metro Tyres as they have worked rally very hard to realise this dream and manufacture a tyre which meets Continental’s international parameters, standards and expectations as well". Rummy Chhabra, MD, Metro-Tyres Limited also addressed the function and said that in the first phase this tyre will be launched in Delhi, Punjab, Uttar Pradesh, Haryana, Rajasthan, J&K and Himachal Pradesh. |
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Stocks down by nearly 19 points MUMBAI, Oct 23: The market is trading in a red zone at Bombay Stock Exchange (BSE) as sensex went down by 19.41 points at 4721.79 points than the last close in the afternoon trade today. Similarly, the National Stock Exchange (NSE)’s CNX Nifty went down by 2.4 points at 1491.70 points in the afternoon trade. The sensex continued to loose its steam on the fourth consecutive day. However, it went up in between, to trade low again by the afternoon. At BSE, the Pharma stocks lost the confidence of the investors at the bourses. The Ranbaxy laboratory went down by 2.36 per cent at Rs 965.75 and Dr Reddy laboratory went down by 1.21 per cent at Rs 1134.50. Among other loosers, the Zee Tele went down by 2.83 per cent at Rs 135.65, HDFC went down by 1.74 per cent at Rs 503 and ITC went down by 1.72 per cent at Rs 861.20 in the afternoon trade. However, the cement stocks are performing well at the bourses. The Gujarat Ambuja cement went up by 3.6 per cent at Rs 231.55 and ACC went up by 2.21 per cent at Rs 203.30. Among other important stocks, Satyam computers went up by 2.6 per cent at Rs 284.60, ICICI bank went up by 2.56 per cent at Rs 222.65 and Tata steel went up by 1.8 per cent at Rs 347.60. (UNI) |
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Gold silver in limelight on firm
global MUMBAI, Oct 23: Prices of gold and silver today opened higher on lack of offloading by stockists in view of encouraging advice from global markets, traders at the local bullion market said here today. Prices of standard mint gold 99.5 purity and gold 99.9 purity grades shot up by Rs 60 each at the opening session and touched a new peak at Rs 5,800 and Rs 5,840 per ten Gm respectively on brisk seasonal demand from local customers and jewellery makers. Amidst firm advice from international markets, gold was quoted higher at around USd 383.15 per troy ounce from its previous day’s finish, traders said. Similarly, silver .999 fineness grade, was also up by Rs 10 at Rs 8,330 per Kg in line with yellow metal prices, traders said. At London and Hong Kong bullion markets, silver were quoted at around USd 5.07/5.08 per troy ounce from its earlier rates, traders added. Following were opening rates at local market: silver (per Kg) .999 fineness grade : Rs 8,330, gold (per 10 Gm) 99.5 purity standard mint: Rs 5,800, gold (per 10 Gm) 99.9 purity variety : Rs 5,840. (UNI) |
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Asian paints gets Govt shares in ICI India NEW DELHI, Oct 23: The Government has decided to sell its 9.2 per cent shares in British major ICI P L C’s Indian arm to the country’s largest paint maker, Asian paints, for a consideration of Rs 77.09 crore. The decision, taken yesterday, will enable Asian paints to acquire 37,60,783 Government shares in ICI (India) for Rs 205 per share. Face value of each share is Rs ten. With this, the history of corporate battles between Asian paints and ICI had repeated, though in the reverse order. Asian paints had successfully thwarted an attempt by ICI to take over the company in late 1990s. The cabinet had approved the proposal in 1998 for sale of Government shares in ICI (India). An empowered committee, comprising the Fertilisers Secretary, the Secretary, Department of Public Enterprises and Chief Economic Advisor in the Department of Economic Affairs was consulted for the purpose. The Disinvestment Secretary was also associated as a special invitee to the decision making process. ICICI was the Financial Advisor for the transaction. The sale of shares was by acution through a public notice. The bids were received from mutual funds, institutions and corporate bodies. Asian paints emerged as the highest bidder, an official statement said here. The bid by Asian paints is similar to the events of late 1990s. ICI PLC had then purchased one of the four promoters’—Atul Choskey—9.1 per cent stake in Asian paints for Rs 128.7 crore through a deal brokered by Kotak Mahindra capital company. Fipb had refused to consider the application of the British company, saying that the deal could not be considered without a supporting board resolution from Asian paints. The other promoters of Asian paints — the Dani, Choksi and Vakil families — had refused to allow the transfer of shares and instead offer to buy back Mr Choksey’s stake in ICI. Speculations are rife in the market that Asian paints has a larger strategic game plan of making an open offer to buy the British parent’s stake in the Indian Arm. However, Asian paints move must have an approval of ICI PLC as the British parent has a comfortable 51 per cent stake in the Indian Arm. ICI is engaged in paints, industrial chemicals and explosives. Paints contribute about 40 per cent of the company’s turnover. The ICI share was trading at Rs 174 on the Bombay Stock Exchange against yesterday’s close of Rs 159.60. (UNI) |
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Sidbi enters into MoU with 4 banks MUMBAI, Oct 23: Small Industries Development Bank of India (SIDBI) has entered into Memorandum of Understanding (MoU) with Bank of Baroda, Canara bank, Punjab National Bank and Oriental Bank of Commerce for joint financing of small scale industries, said SIDHI chairman managing director V K Chopra here. Mr Chopra was speaking at the inaguration of new branch office in the MIDC, Marol industrial in north west Mumbai here. "Besides rationalisation of various schemes, reduction in threshold limit in direct assistance and powers have been decentralised. Setting up of small branches and providing training to officers for upgrading their skills are being given focussed attention so as to become more competitive", Mr Chopra said. Speaking at the function, All India Association of Industries president Vijay Kalantri welcomed the initiative of SIDBI in increasing its branch network and mentioned that this was a step in the right direction and SIDBI should open more branches in the industrial clusters to the requirements of SSIS in an enhanced manner. SIDBI Chief General Manager (western zone) P Rudran, SIDBI Deputy General Manager Dev Anand Deva, SIDBI Dy Managing Director N Balasubrahmanian were among those who spoke on the occasion. (UNI) |
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J-K signs power purchase agreement with PTCI SRINAGAR, Oct 23: The Jammu and Kashmir Government has signed an agreement with Central Public Sector Power Trading Corporation of India (PTCI) for purchasing 200 Mw power to ensure uninterrupted supply during the winter season when the snowfall reduces local generation. Of this, 100 Mw will be supplied round the clock while the rest will be supplied during peak hours. The cost during lean hours will be Rs 2.05 per unit and Rs 2.65 per unit during peak hours. The agreement was signed on behalf of Jammu and Kashmir by State Power Minister Mohammad Sharief Niaz. Till last year, the state purchased additional power from Punjab, which could not fulfill the requirements resulting in prolonged power cuts. PTCI has also evinced interest in purchase of surplus power generated by the state during summer, besides purchase of surplus power to be generated by the Baglihar Power Project on its completion. (UNI) |
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Govt invites bids for disinvesting NBCC NEW DELHI, Oct 23: The Government today invited Expressions of Interest (EOIs) for disinvesting 74 per cent equity stake in the National Building Construction Corporation Ltd with a sweetener that the consultancy and real estate firm may be restructured before it changes hands to a strategic investor. The Ggovernment has fixed Ddecember 8, 2003 as the last date for inviting EOIs for NBCC which has a paid an equity capital of Rs 90 crore and preference capital of Rs 30 crore. The company had a total income of Rs 498.10 crore for the year ended March 31, 2003. UTI Securities Ltd and Capital Fortunes Ltd are advisers to the disinvestment of the real estate company. (UNI) Satyam notches up 29 pc jump in Q2 HYDERABAD, Oct 23: Mirroring the revival of the economy, Satyam Computer Services Limited,India’s fourth largest software solutions provider, notched up a 29 per cent growth in the second quarter of 2003-2004 with a total business of Rs 603.08 crore compared to Rs 505.05 crore in the corresponding quarter last year. The Board of Directors, which today took on record the audited financial results for the quarter and half year ended September 30, 2003, has declared an interim dividend of Rs 1.20 per share (60 per cent on par value of Rs two per share). Leveraging on its strength of Information Technology Services, the company posted Rs 581.88 crore income from software exports during Q2 of the current fiscal compared to Rs 492.78 crore in the corresponding quarter last year. The company offered sale of one million share of Sify limited, its subsidiary, through its sponsored ads programme, for an aggregate purchase price of Rs 1989.04 lakh in cash. Consequently, the holding of the company in Sify limited, its internet business arm, had reduced to 32.1 per cent from 35 per cent. The net profit for the quarter and the half year ended September 30,2003 included an amount of Rs 1386.77 lakh from such sale, the company said in its financial statement here. The company’s total manpower as on September 30, 2003 was 11,250 as against 10,592 during the previous quarter of the current fiscal. (UNI) |
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